The success of any new business relies on a number of things including careful planning. When you have a great product, a supportive team of people around you and the passion to pursue a dream, the excitement that builds up often causes us to overlook a practical reality: the cost of your business!
Overheads are not to be forgotten or pushed aside, everything from office space to stationary are important and necessary. But working out what to prioritise when everything is so new can be a struggle, especially at a time when you’re being pulled in various directions.
We’ve looked at how you can pursue your business growth, all while reducing your overhead costs and put together a few tips for your small business.
If you’ve read any productivity hack blog you’ve probably heard this before but going paperless and turning to cloud options definitely has more pro’s than just time saving. This new way of conducting/running your business is a great way to keep your overheads low and productivity high when you’re first starting out. From managing your accounts to your finances, by taking away the “paper” or physicality you can remove half the cost.
Pick your splurges.
It’s easy to want the newest things in your office, after all when running your own business there is a huge sense of pride with everything you do. The problem comes when the odd splurge turns into every other expense. Choose your splurge items wisely, whether it’s a reward after a particular marking point or it really is a necessity. Also remember that little expenses all add up, those client meetings that go on to drinks all cost your business money.
Consider a co-working space.
While everyone would love a space of their own, somewhere to grow and begin to build your own brand culture, the reality is this isn’t always possible. Considering a shared office space or Co Working space. It’s a great first step in reducing your overheads. Shared spaces are becoming more popular and not just for financial reasons, bringing people together they offer a great networking opportunity for all involved.
Switch your business communications.
It’s easy now to swap out your paying communications with something quicker and less costly. There’s no reason to pay high service charges anymore, with many businesses are now opting for Skype rather than landlines.
Take on a Freelancer.
Experts are expensive in any field, this isn’t a new fact but one that surprisingly hits you like a brick wall when you’re hiring for your new/small business. Many companies are now avoiding ridiculous hiring costs by hiring people on contracted work, usually for a single project. This allows you to hire your ideal candidate for a particular project without the long term overhead or commitment.
With a little planning and efficiency you can easily cut down on your overheads and running of your business from day to day.
If you have any other tips leave them in the comments below or tweet us @GetSimplifyd to share with our small business community.